Kostrzewa – Swiss nix minimum wage hike

Raising the minimum wage has been a key proposal of progressives to reduce income inequality in the U.S. and around the world.

John Kostrzewa Assistant Managing Editor johnkostrzewa

Raising the minimum wage has been a key proposal of progressives to reduce income inequality in the U.S. and around the world.

But voters in Switzerland Sunday defeated a proposal to raise the minimum wage there to $24.65 an hour, the highest in the world. A preliminary tally showed 76% voted against the proposal and 24% voted for it.

Labor unions had campaigned for months to win public backing for the increase.

But the Swiss government and business leaders had warned that it would destroy jobs, hurt lower skilled employees and make it harder for young people and others to enter the workforce.

In the U.S., President Obama has proposed raising the federal minimum wage to $10.10 an hour.

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